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Negative Equity in Partnership Company
NIDebtor
Posts: 1 Newbie
Hi all, I'm in a bit of a dilemma.
My brother and I have a partnership company the purpose of which was to buy and sell property. We were only really getting started when the property crash hit in, with the result that we own a house which is now in negative equity to the tune of approx. 100K.
We have an interest only mortgage on the house.
We are both employed with reasonable salaries however cannot afford to change the mortgage to a repayment mortgage.
I have a mortgage on my own house along with my wife, which is currently also interest only and it is currently in negative equity of 20K.
My brother has another property which is also in negative equity of about 20K.
My circumstances have changed since purchasing the house in that I now have 5 children, whilst I had only one when we initially got the mortgage, so as you can imagine my outgoings have grown substantially in a short space of time.
My question is this - is there anything I can do to get rid of this debt? I hear a lot of talk about IVA's for example and bankruptcy but I don't know if this is viable for us as we have salaried jobs. I also don't know what the implications are of both.
I would really like to be able to get rid of the house which is in negative equity as we are never going to be able to break even on it let alone pay it off. I'm at a brick wall at the moment and can only see myself getting into more debt unless I can get rid of this mortgage so any help or advice would be very much appreciated.
My brother and I have a partnership company the purpose of which was to buy and sell property. We were only really getting started when the property crash hit in, with the result that we own a house which is now in negative equity to the tune of approx. 100K.
We have an interest only mortgage on the house.
We are both employed with reasonable salaries however cannot afford to change the mortgage to a repayment mortgage.
I have a mortgage on my own house along with my wife, which is currently also interest only and it is currently in negative equity of 20K.
My brother has another property which is also in negative equity of about 20K.
My circumstances have changed since purchasing the house in that I now have 5 children, whilst I had only one when we initially got the mortgage, so as you can imagine my outgoings have grown substantially in a short space of time.
My question is this - is there anything I can do to get rid of this debt? I hear a lot of talk about IVA's for example and bankruptcy but I don't know if this is viable for us as we have salaried jobs. I also don't know what the implications are of both.
I would really like to be able to get rid of the house which is in negative equity as we are never going to be able to break even on it let alone pay it off. I'm at a brick wall at the moment and can only see myself getting into more debt unless I can get rid of this mortgage so any help or advice would be very much appreciated.
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Comments
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Hi NIDebtor and Welcome to the Bankruptcy (BR) Board. Please ring the BDL freephone number, bear with them as the number is often very busy.
Business Debt line - Click here
Best wishes
If...x"If wishes were horses, then beggars would ride"
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